Representatives from Wilh. Wilhelmsen ASA (WW) and Wallenius Lines AB (OW) on August 10, 2002 signed the agreement with Korea’s Hyundai Merchant Marine
Co., Ltd. (HMM) on the acquisition of HMM’s car carrier division
. The terms of the agreement include long-term exclusive contracts with Hyundai Motor Company (HMC) and Kia Motor Corporation (KMC) on shipping their car exports for an initial five-year period, with provision for extensions. The newly-established company, which will acquire HMM’s car carrier division, will be incorporated in Korea, with WW and OW together holding 80 percent and with HMC and KMC together holding 20 percent. The price for the acquisition will be $1.3 billion plus the assumption of future vessel charter obligations. Completion of the acquisition is conditional upon obtaining regulatory approval and financing.